EXPECTED RETURNS ANTTI ILMANEN PDF

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I had a similar experience about eight years ago. Interestingly enough, the foreword to the book — which is worth the price of admission alone — was written by AQR founder, Cliff Asness. Prior to reading Expected Returns , I had a very narrow view of asset allocation and portfolio construction. Like most investors, I viewed diversification through the singular lens of asset classes, i.

Through the effective use of two visual aids, this book turned that notion on its head. Each man approaches the elephant from a narrow vantage point, and thus misses out on the big picture. Antti uses this analogy to stress the need for multi-dimensional thinking on the inputs that contribute to expected returns.

The second visual aid that makes several appearances throughout the book is the cube shown below. The traditional paradigm attempts to deconstruct the complex world of investments into convenient and simplified groupings called asset classes. The cube implores investors to think beyond asset class definitions when evaluating sources of return through the complementary perspectives of risk factors and strategy styles. On at least a quarterly basis, I find myself flipping through the pages of this book, revisiting the above themes or exploring one of the dozens of topics that Antti covers in-depth throughout this comprehensive companion.

A book like Simple Wealth, Inevitable Wealth does a tremendous job reminding investors of the purpose of their portfolios and the behavior required to satisfy their financial goals. But as the architect of said portfolios on behalf of families and individuals, Expected Returns has had more impact than any other book on how I think about managing the investments of the clients that we serve.

More than any other book, it is my investing bible. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Leave a Reply Cancel reply Your email address will not be published.

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I had a similar experience about eight years ago. Interestingly enough, the foreword to the book — which is worth the price of admission alone — was written by AQR founder, Cliff Asness. Prior to reading Expected Returns , I had a very narrow view of asset allocation and portfolio construction. Like most investors, I viewed diversification through the singular lens of asset classes, i. Through the effective use of two visual aids, this book turned that notion on its head.

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Expected Returns: An Investor's Guide to Harvesting Market Rewards

You are currently using the site but have requested a page in the site. Would you like to change to the site? Antti Ilmanen , Clifford Asness Foreword by. Since starting as a central bank portfolio manager in Finland in , Antti has worn many hats to bridge academic finance and practitioner investing. Over the years, Antti has advised many institutional investors, most regularly Norway's Government Pension Fund Global on its long-run investment strategy.

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